The Centre is against giving any shock in the first year of the rollout by bringing in new services.
No mention of cab aggregators in GST bills
'It's the relationship that is important.'
The government on Thursday hinted at paring down levies on automobile sector, even as he asked carmakers to step up investment to fuel growth and employment.
Check out what rocked the business world this week.
India on Thursday ruled out a Free Trade Agreement with China, until 'domestic distortions' like high taxes and poor infrastructure are corrected.
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The government last year introduced the Insolvency and Bankruptcy Code.
The government's focus on road, rail and power development will indirectly benefit the FMCG industry in the long run.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
Higher costs of car inventories, missing sales targets and manufacturer expectations, and soaring rentals, are eating into dealers' margins.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
ICICI Infotech outsmarted Tata Consultancy Services and Wipro to get the mandate from states for setting up a national tax information exchange system (Tinxsys) to track inter-state transactions and check tax evasion.
The government on Wednesday said it would phase out Central Sales Tax by April 2007, a move that may lead Bharatiya Janata Party-ruled states to reconsider their decision of not implementing value-added tax.
This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
According to various senior UB Group officials, the strategy of 14 power brands' focus is expected to be rolled out soon.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
Jaitley said the government has created transparent environment.
'What has taken the government so long to understand what the people of this country are going through?'
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
